Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Analog Devices Inc., EBITDA calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-11-01), 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31).
- Net Income
- Net income demonstrated a notable growth from 1,220,761 thousand US dollars in 2020 to a peak of 3,314,579 thousand US dollars in 2023, indicating a strong upward trajectory over the four-year period. However, this figure subsequently decreased significantly in 2024 to 1,635,273 thousand US dollars, before rising again in 2025 to 2,267,342 thousand US dollars. This pattern suggests a period of fluctuation after steady growth.
- Earnings Before Tax (EBT)
- EBT showed a consistent increase from 1,311,617 thousand US dollars in 2020 to a high of 3,608,003 thousand US dollars in 2023. Similar to net income, EBT declined notably in 2024 to 1,777,340 thousand US dollars, followed by an increase to 2,712,112 thousand US dollars in 2025. The trend mirrors the pattern observed in net income, indicating alignment in pre-tax profitability trends.
- Earnings Before Interest and Tax (EBIT)
- EBIT followed an upward trend from 1,504,922 thousand US dollars in 2020 to a maximum of 3,872,644 thousand US dollars in 2023. This was followed by a significant decrease to 2,099,567 thousand US dollars in 2024, with a subsequent increase to 3,029,828 thousand US dollars in 2025. The EBIT pattern is consistent with both net income and EBT, reflecting fluctuations in operational profitability after a period of growth.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibited a substantial increase from 2,315,845 thousand US dollars in 2020 to 6,165,747 thousand US dollars in 2023, representing the strongest growth among the reported earnings metrics. However, this was followed by a marked decrease to 4,203,883 thousand US dollars in 2024 and a modest recovery to 5,028,673 thousand US dollars in 2025. This trend suggests variability in cash-based profitability, influenced by both operational performance and non-cash expenses.
- Overall Analysis
- Across all reported earnings measures, there is a clear pattern of sustained growth from 2020 through 2023, indicating improved profitability and operational efficiency during this period. The pronounced decline in 2024 across all metrics suggests potential challenges or external factors impacting earnings performance. The partial recovery in 2025 demonstrates resilience and an ability to rebound, although levels have not fully returned to the 2023 peaks in all cases. The parallel trends across net income, EBT, EBIT, and EBITDA reflect coherent movements in profitability before and after consideration of taxes, interest, and non-cash expenses.
Enterprise Value to EBITDA Ratio, Current
Analog Devices Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 142,674,189) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 5,028,673) |
| Valuation Ratio | |
| EV/EBITDA | 28.37 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Advanced Micro Devices Inc. | 67.87 |
| Applied Materials Inc. | 23.92 |
| Broadcom Inc. | 79.61 |
| Intel Corp. | 192.22 |
| KLA Corp. | 30.14 |
| Lam Research Corp. | 30.27 |
| Micron Technology Inc. | 14.63 |
| NVIDIA Corp. | 51.06 |
| Qualcomm Inc. | 12.70 |
| Texas Instruments Inc. | 22.79 |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | 70.18 |
| EV/EBITDA, Industry | |
| Information Technology | 40.10 |
Based on: 10-K (reporting date: 2025-11-01).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Analog Devices Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Nov 1, 2025 | Nov 2, 2024 | Oct 28, 2023 | Oct 29, 2022 | Oct 30, 2021 | Oct 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | 128,342,010) | 113,932,349) | 95,938,101) | 90,858,768) | 99,766,443) | 54,668,030) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 5,028,673) | 4,203,883) | 6,165,747) | 5,596,656) | 2,588,173) | 2,315,845) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 25.52 | 27.10 | 15.56 | 16.23 | 38.55 | 23.61 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | 34.40 | 65.81 | 22.63 | 34.19 | 62.10 | |
| Applied Materials Inc. | — | 15.31 | 15.75 | 11.04 | 17.54 | 16.82 | |
| Broadcom Inc. | — | 45.78 | 26.42 | 13.54 | 19.72 | 18.89 | |
| Intel Corp. | — | 97.96 | 18.96 | 6.20 | 6.02 | 6.40 | |
| KLA Corp. | 22.86 | 24.77 | 15.67 | 14.97 | 19.26 | 18.10 | |
| Lam Research Corp. | 19.50 | 20.93 | 15.36 | 11.36 | 16.94 | 18.35 | |
| Micron Technology Inc. | 11.63 | 12.40 | 32.38 | 3.26 | 6.05 | 6.46 | |
| NVIDIA Corp. | 36.78 | 46.95 | 95.69 | 57.58 | 58.98 | 52.92 | |
| Qualcomm Inc. | 13.05 | 15.19 | 12.82 | 7.84 | 12.76 | 19.49 | |
| Texas Instruments Inc. | — | 22.89 | 16.36 | 14.69 | 15.54 | 21.75 | |
| EV/EBITDA, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 33.98 | 26.56 | 14.51 | 15.52 | 14.73 | |
| EV/EBITDA, Industry | |||||||
| Information Technology | — | 27.74 | 23.62 | 18.33 | 20.59 | 19.76 | |
Based on: 10-K (reporting date: 2025-11-01), 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 128,342,010 ÷ 5,028,673 = 25.52
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value showed a notable increase from 54,668,030 thousand USD in 2020 to 99,766,443 thousand USD in 2021, indicating significant growth. However, it decreased to 90,858,768 thousand USD in 2022 before rising again in the subsequent years to reach 128,342,010 thousand USD by 2025. This pattern suggests volatility with a general upward trend in the company’s valuation over the period.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA experienced stable growth between 2020 and 2021, increasing moderately from 2,315,845 thousand USD to 2,588,173 thousand USD. A substantial surge occurred in 2022 and 2023, reaching 5,596,656 and 6,165,747 thousand USD respectively, before declining sharply to 4,203,883 thousand USD in 2024. In 2025, EBITDA improved again to 5,028,673 thousand USD. The data indicates a peak in operational profitability mid-period, followed by a contraction and partial recovery.
- EV/EBITDA Ratio
- The EV/EBITDA ratio exhibited significant fluctuation over the years. It rose sharply from 23.61 in 2020 to a peak of 38.55 in 2021, which may reflect an increase in valuation relative to earnings. It then declined markedly in 2022 and 2023 to 16.23 and 15.56 respectively, consistent with improved EBITDA dampening the valuation multiple. The ratio increased again to 27.1 in 2024 and slightly decreased to 25.52 in 2025, suggesting the market valuation relative to earnings became more elevated after the 2023 trough.